Rosa “Erica Blair” Brooks: War is peace, Freedom is slavery, Ignorance is strength … and Republicans Caused the Mortgage Crisis
No offense to our commenter by the name of Eric Blair . . . but this is truly one of the most Orwellian pieces I have ever seen. Brooks takes a crisis caused by Democrats like Barack Obama, who took money from Fannie and Freddie and did nothing, and blames it Republicans like John McCain, who championed regulation of the relevant entities.
Black is white. Up is down.
Brooks reminds us of McCain’s involvement in the Keating Five scandal, and then suggests that McCain has sat on his hands throughout the past several years on the mortgage crisis — while good work on the issue was being done by, Brooks claims (and I’m not kidding), Barack Obama:
Could all this have been prevented? Sure. It’s not rocket science: A sensible package of regulatory reforms — like those Barack Obama has been pushing since well before the current meltdown began — could have kept this most recent crisis from escalating, just as maintaining reasonable regulatory regimes for S&Ls in the ’80s could have prevented that crisis (McCain learned this the hard way).
Not to belabor the point, Rosa — but name one thing Barack Obama has actually done about the mortgage crisis.
But, despite his political near-death experience as a member of the Keating Five, McCain continued to champion deregulation, voting in 2000, for instance, against federal regulation of the kind of financial derivatives at the heart of today’s crisis.
Shades of the Keating Five scandal don’t end there. This week, for instance, news broke that until August, the lobbying firm owned by McCain campaign manager Rick Davis was paid $15,000 a month by Freddie Mac, one of the mortgage giants implicated in the current crisis (now taken over by the government and under investigation by the FBI). Apparently, Freddie Mac’s plan was to gain influence with McCain’s campaign in hopes that he would help shield it from pesky government regulations. And until very recently, Freddie Mac executives probably figured money paid to Davis’ firm was money well spent. “I’m always in favor of less regulation,” McCain told the Wall Street Journal in March.
These days, McCain is singing a different tune.
Gee, it’s a good thing Barack Obama didn’t take any money from Fannie and Freddie!
Time for some facts. Enjoy this Fox News report:
Watch Barney Frank talk about how there’s no crisis, and see the John McCain quote about how we need regulation:
Now, watch Bill Clinton say the Republicans tried to get something done, but got blocked by Democrats, who were “resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”